Tether Replaces EOS to Become 4th Largest Crypto, Shows Market is Very Weak

Stablecoin Tether (Ticker: USDT) has replaced EOS to become the fourth largest cryptocurrency by market capitalization, showing weakness in crypto markets.The inclination follows the cryptocurrency market’s depressive performance this Monday. Over the last 24 hours, the price of all the top coins, including Bitcoin, Ripple, Ethereum, and others, trended in a negative region. Similarly, the value of EOS, Bitcoin Cash and Litecoin also slipped heavily on a 24-hour basis.Tether Chart on CoinMarketCap.comIn contrast, Tether’s USDT traded at around $1.01 and the stablecoin saw appreciation in its market capitalization. At 1700 GMT, it was $2.04 billion, up 20% from its Monday low at $1.69 billion.In a similar time frame, the market cap of EOS had posted losses of 6.97%, while Litecoin and Bitcoin Cash’s market cap fell by 7% and 12%, respectively. That explains how Tether, which during the Asian trading session was on the seventh spot, exchanged positions with Litecoin,…

Read the original article here